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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported): June 7, 1997
Vanderbilt Mortgage & Finance, Inc.
- -------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Tennessee
- -------------------------------------------------------------------------------
(State or other jurisdiction of incorporation or organization)
333-14033-04 62-0997810
- -------------------------------------------------------------------------------
(Commission File Number) (IRS Employer Identification No.)
Vanderbilt Mortgage & Finance, Inc.
4726 Airport Highway
Louisville, TN 37777
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(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: 423-970-7200
Not Applicable
- -------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE> 2
Item 5. Other Events
On June 7, 1997, The Chase Manhattan Bank, as Trustee, made
the monthly distribution to the holders of the Vanderbilt Mortgage & Finance,
Inc. Manufactured Housing Contract Senior/Subordinated Pass Through
Certificates, Series 1997B.
Item 7. Financial Statements and Exhibits
(c) Exhibits.
The following are filed herewith. The exhibit
numbers correspond with Item 601(b) of Regulation S-K.
Exhibit No. Description Page
----------- ----------- ----
99 Monthly Report delivered by 3
the Trustee to Certificateholders
in connection with distribution
on June 7, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VANDERBILT MORTGAGE & FINANCE, INC.
as Servicer
By: /s/ David R. Jordan
-------------------
Name: David R. Jordan
Title: Controller
Dated: June 7, 1997
<PAGE> 1
<TABLE>
<CAPTION>
<S> <C> <C> <C>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
CLASS I A-1 CLASS I A-2 CLASS I A-3
(A) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 2,063,305.93 230,914.58 169,725.00
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 756,040.09
(B) PARTIAL PREPAYMENTS RECEIVED 57,312.18
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 1,158,669.16
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E) 0.00
-------------- ------------- --------------
TOTAL PRINCIPAL DISTRIBUTION 1,972,021.43 0.00 0.00
(C) INTEREST DISTRIBUTION 91,284.50 230,914.58 169,725.00
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
-------------- ------------- --------------
TOTAL INTEREST DISTRIBUTION 91,284.50 230,914.58 169,725.00
(D) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 47,400,000.00 40,900,000.00 29,200,000.00
LESS: PRINCIPAL DISTRIBUTION 1,972,021.43 0.00 0.00
-------------- ------------- --------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 45,427,978.57 40,900,000.00 29,200,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE 0.00 (H) FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS I A-1 0.95839617
SECTION 6.02 REIMBURSEMENT AMOUNT 0.00 CLASS I A-2 1.00000000
REIMBURSEABLE FEES 0.00 CLASS I A-3 1.00000000
------------- CLASS I A-4 1.00000000
TOTAL FEES DUE SERVICER 0.00 CLASS I A-5 1.00000000
CLASS I A-6 1.00000000
NO. OF UNPAID PRINCIPAL CLASS I B-1 1.00000000
(F) DELINQUENCY CONTRACTS BALANCE CLASS I B-2 1.00000000
31-59 DAYS DELINQUENT 205 7,396,120
60-89 DAYS DELINQUENT 37 1,277,443
90+ DAYS DELINQUENT 1 68,074
(G) SECTION 3.05 REPURCHASES 0.00
(I) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSESSION PROFITS 0.00
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 0.00
(K) AGGREGATE NET LIQUIDATION LOSSES 0.00
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT 52,790.03
(Y) REMAINING AMOUNT AVAILABLE 189,521.65
-------------
AMOUNT OF (X) OVER (Y) 0.00
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
<CAPTION>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C> <C>
CLASS I A-4 CLASS I A-5 CLASS I A-6
(A) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 98,263.33 162,177.17 98,388.33
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
---------------- ------------- -------------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
(C) INTEREST DISTRIBUTION 98,263.33 162,177.17 98,388.33
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
---------------- ------------- -------------
TOTAL INTEREST DISTRIBUTION 98,263.33 162,177.17 98,388.33
(D) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 16,400,000.00 26,299,000.00 15,535,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00 0.00
---------------- ------------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 16,400,000.00 26,299,000.00 15,535,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 47,400,000.00 5.7775%
SECTION 6.02 REIMBURSEMENT AMOUNT 40,900,000.00 6.7750%
REIMBURSEABLE FEES 29,200,000.00 6.9750%
16,400,000.00 7.1900%
TOTAL FEES DUE SERVICER 26,299,000.00 7.4000%
15,535,000.00 7.6000%
10,681,000.00 7.5250%
(F) DELINQUENCY 7,768,000.00 8.1550%
31-59 DAYS DELINQUENT
60-89 DAYS DELINQUENT
90+ DAYS DELINQUENT
(G) SECTION 3.05 REPURCHASES
(I) CLASS R DISTRIBUTION AMOUNT
REPOSESSION PROFITS
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION
(K) AGGREGATE NET LIQUIDATION LOSSES
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT
(Y) REMAINING AMOUNT AVAILABLE
AMOUNT OF (X) OVER (Y)
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT
<CAPTION>
INFORMATION FOR CLAUSES (A) THROUGH (S), SECTION 7.01 - GROUP I
<S> <C> <C>
CLASS I B-1 CLASS I B-2
(A) CLASS I A AND CLASS I B DISTRIBUTION AMOUNTS 66,978.77 52,790.03
(B) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
---------------- -------------
TOTAL PRINCIPAL DISTRIBUTION 0.00 0.00
(C) INTEREST DISTRIBUTION 66,978.77 52,790.03
UNPAID INTEREST SHORTFALL 0.00 0.00
---------------- -------------
TOTAL INTEREST DISTRIBUTION 66,978.77 52,790.03
(D) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 10,681,000.00 7,768,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00 0.00
---------------- -------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 10,681,000.00 7,768,000.00
(E) FEES DUE SERVICER
MONTHLY SERVICING FEE
SECTION 8.06 REIMBURSEMENT AMOUNT 5.68% LIBOR
SECTION 6.02 REIMBURSEMENT AMOUNT 0.09 SPREAD
REIMBURSEABLE FEES
TOTAL FEES DUE SERVICER
(F) DELINQUENCY
31-59 DAYS DELINQUENT
60-89 DAYS DELINQUENT
90+ DAYS DELINQUENT
(G) SECTION 3.05 REPURCHASES
(I) CLASS R DISTRIBUTION AMOUNT
REPOSESSION PROFITS
(J) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION
(K) AGGREGATE NET LIQUIDATION LOSSES
(L) (X) CLASS B-2 FORMULA DISTRIBUTION AMOUNT
(Y) REMAINING AMOUNT AVAILABLE
AMOUNT OF (X) OVER (Y)
(M) CLASS B-2 LIQUIDATION LOSS AMOUNT
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997B FOR THE PERIOD ENDED: 25-MAY-97
<S> <C> <C>
(N) GUARANTEE PAYMENT 0.00
(O) UNADVANCED SHORTFALLS 0.00
NO. $
(P) UNITS REPOSSESSED 0 0.00
(Q) PRINCIPAL PREPAYMENTS PAID 1,215,981.34
(R) SCHEDULED PRINCIPAL PAYMENTS 756,040.09
(S) WEIGHTED AVERAGE INTEREST RATE 11.07%
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 2,429,664.77
CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-SUBSERVICER 236,050.36
(II) MONTHLY ADVANCE MADE 446,764.17
DEPOSIT FROM CAPITALIZED INTEREST ACCOUNT 62,932.18
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 0.00
(III)SECTION 5.05 CERTIFICATE FUND INCOME-SUBSERVICER 0.00
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 78,129.42
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-SUBSERVICER 18,007.30
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 0.00
(IV) REIMBURSEABLE LIQUIDATION EXPENSES 0.00
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 0.00
AVAILABLE DISTRUBUTION AMOUNT-VANDERBILT 2,861,231.70
AVAILABLE DISTRUBUTION AMOUNT-SUBSERVICER 218,043.06
TO CLASS A AND B 2,942,543.14
MONTHLY EXCESS CASHFLOW 136,731.62
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 224.29
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 194,183,037.86
CURRENT BALANCE 192,261,425.39
ADV PRINCIPAL 23,841.36
DEL PRINCIPAL 74,250.32
POOL SCHEDULED BALANCE 192,211,016.43
PRINCIPAL PAYMENTS IN FULL 1,158,669.16
PARTIAL PREPAYMENTS 57,312.18
SCHEDULED PRINCIPAL 756,040.09
COLLATERAL BALANCE 192,261,425.39
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997B FOR THE PERIOD ENDED: 25-MAY-97
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<S> <C> <C> <C>
CLASS II A-1 CLASS II B-1 CLASS II B-2
(V) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 1,877,051.68 26,571.94 12,323.02
(W) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE 227,992.47
(B) PARTIAL PREPAYMENTS RECEIVED 95,417.22
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE) 477,017.26
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE 0.00
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE 0.00
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E) 0.00
(G) ACCELERATED PRINCIPAL PAYMENT 917,443.98
-------------- ------------- ------------
TOTAL PRINCIPAL DISTRIBUTION 1,717,870.93 0.00 0.00
(X) INTEREST DISTRIBUTION 159,180.75 26,571.94 12,323.02
UNPAID INTEREST SHORTFALL 0.00 0.00 0.00
-------------- ------------- ------------
TOTAL INTEREST DISTRIBUTION 159,180.75 26,571.94 12,323.02
(Y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 80,700,000.00 13,095,000.00 5,612,000.00
LESS: PRINCIPAL DISTRIBUTION 1,717,870.93 0.00 0.00
-------------- ------------- ------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 78,982,129.07 13,095,000.00 5,612,000.00
(Z) FEES DUE SERVICER
MONTHLY SERVICING FEE 0.00 (AC) POOL FACTOR
SECTION 8.06 REIMBURSEMENT AMOUNT 0.00 CLASS II A-1 0.97871288
SECTION 6.02 REIMBURSEMENT AMOUNT 0.00 CLASS II B-1 1.00000000
REIMBURSEABLE FEES 0.00 CLASS II B-2 1.00000000
-------------- CLASS II B-3 1.00000000
TOTAL FEES DUE SERVICER 0.00
NO. OF UNPAID PRINCIPAL
(AA) DELINQUENCY CONTRACTS BALANCE
31-59 DAYS DELINQUENT 37 936,634
60-89 DAYS DELINQUENT 1 50,694
90+ DAYS DELINQUENT 0 0
(AB) SECTION 3.05 REPURCHASES 0.00
(AD) CLASS R DISTRIBUTION AMOUNT 0.00
REPOSESSION PROFITS 0.00
(AE) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION 0.00
(AF) AGGREGATE NET LIQUIDATION LOSSES 0.00
(AG) (X) CLASS B-3 FORMULA DISTRIBUTION AMOUNT 17,055.00
(Y) REMAINING AMOUNT AVAILABLE 780,712.36
--------------
AMOUNT OF (X) OVER (Y) 0.00
(AH) CLASS B-2 LIQUIDATION LOSS AMOUNT 0.00
(AI) GUARANTEE PAYMENT 0.00
(AJ) UNADVANCED SHORTFALLS 0.00
NO. $
(AK) UNITS REPOSSESSED
(AL) PRINCIPAL PREPAYMENTS PAID 572,434.48
(AM) SCHEDULED PRINCIPAL PAYMENTS 227,992.47
(AN) WEIGHTED AVERAGE INTEREST RATE 10.32%
<CAPTION>
INFORMATION FOR CLAUSES (V) THROUGH (AP), SECTION 7.01 - GROUP II
<S> <C>
CLASS II B-3
(V) CLASS II A AND CLASS II B DISTRIBUTION AMOUNTS 17,055.00
(W) FORMULA PRINCIPAL DISTRIBUTION AMOUNT
(A) SCHEDULED PRINCIPAL DUE
(B) PARTIAL PREPAYMENTS RECEIVED
(C) PRINCIPAL PAYMENTS IN FULL (SCHEDULED BALANCE)
(D) LIQUIDATED CONTRACT SCHEDULED BALANCE
(E) SECTION 3.05 PURCHASE SCHEDULED BALANCE
(F) PREVIOUSLY UNDISTRIBUTED SHORTFALLS IN (A) THROUGH (E)
(G) ACCELERATED PRINCIPAL PAYMENT
-------------
TOTAL PRINCIPAL DISTRIBUTION 0.00
(X) INTEREST DISTRIBUTION 17,055.00
UNPAID INTEREST SHORTFALL 0.00
-------------
TOTAL INTEREST DISTRIBUTION 17,055.00
(Y) BEGINNING CLASS I A AND CLASS I B PRINCIPAL BALANCE 7,483,000.00
LESS: PRINCIPAL DISTRIBUTION 0.00
-------------
REMAINING CLASS A AND CLASS B PRINCIPAL BALANCE 7,483,000.00
(Z) FEES DUE SERVICER
MONTHLY SERVICING FEE ORIGINAL BALANCE RATE
SECTION 8.06 REIMBURSEMENT AMOUNT 80,700,000.00 6.9175%
SECTION 6.02 REIMBURSEMENT AMOUNT 13,095,000.00 6.0875%
REIMBURSEABLE FEES 5,612,000.00 6.5875%
7,483,000.00 6.8375%
TOTAL FEES DUE SERVICER
(AA) DELINQUENCY
31-59 DAYS DELINQUENT
60-89 DAYS DELINQUENT
90+ DAYS DELINQUENT
(AB) SECTION 3.05 REPURCHASES
(AD) CLASS R DISTRIBUTION AMOUNT
REPOSESSION PROFITS
(AE) PRINCIPAL BALANCE OF CONTRACTS IN REPOSSESSION
(AF) AGGREGATE NET LIQUIDATION LOSSES
(AG) (X) CLASS B-3 FORMULA DISTRIBUTION AMOUNT
(Y) REMAINING AMOUNT AVAILABLE
AMOUNT OF (X) OVER (Y)
(AH) CLASS B-2 LIQUIDATION LOSS AMOUNT
(AI) GUARANTEE PAYMENT
(AJ) UNADVANCED SHORTFALLS
(AK) UNITS REPOSSESSED
(AL) PRINCIPAL PREPAYMENTS PAID
(AM) SCHEDULED PRINCIPAL PAYMENTS
(AN) WEIGHTED AVERAGE INTEREST RATE
</TABLE>
<PAGE> 4
<TABLE>
<CAPTION>
CHEMICAL BANK, TRUSTEE DETERMINATION DATE: 05-JUN-97
MANUFACTURED HOUSING CONTRACTS REMITTANCE DATE: 09-JUN-97
SENIOR/SUBORDINATED PASS-THROUGH CERTIFICATES SERIES 1997B FOR THE PERIOD ENDED: 25-MAY-97
COMPUTATION OF AVAILABLE DISTRIBUTION AMOUNT
<S> <C> <C>
(I) CERTIFICATE ACCOUNT BALANCE AT MONTHLY CUTOFF-VANDERBILT 1,538,379.72
(II) MONTHLY ADVANCE MADE 154,857.57
DEPOSIT FROM CAPITALIZED INTEREST ACCOUNT 152,436.16
(III)SECTION 5.05 CERTIFICATE FUND INCOME-VANDERBILT 0.00
(V) PRINCIPAL DUE HOLDERS 0.00
LESS:
(I) SCHEDULED PAYMENTS OF PRINCIPAL AND INTEREST
DUE SUBSEQUENT TO THE DUE PERIOD-VANDERBILT 49,403.43
(II) DUE TO THE SERVICER PURSUANT TO SECTION 6.02:
(I) SECTION 3.05 PURCHASES (DUE SELLER) 0.00
(II) REIMBURSEMENT FOR TAXES FROM LIQUIDATION PROCEEDS 0.00
(III) MONTHLY SERVICING FEE 0.00
(IV) REIMBURSEABLE LIQUIDATION EXPENSES 0.00
(V) SECTION 6.04 (C) REIMBURSEMENT 0.00
(VI) SECTION 8.06 REIMBURSEMENT 0.00
(VII) AMOUNTS NOT REQUIRED TO BE DEPOSITED-SUBSERVICER 0.00
TOTAL DUE SERVICER 0.00
AVAILABLE DISTRUBUTION AMOUNT 1,796,270.02
TO CLASS A AND B - SCHEDULED PRINCIPAL AND INTEREST 1,015,557.66
MONTHLY EXCESS CASHFLOW CLASS II 780,712.36
MONTHLY EXCESS CASHFLOW CLASS I 136,731.62
ACCELERATED PRINCIPAL PAYMENT 917,443.98
WEIGHTED AVERAGE REMAINING TERM (MONTHS) 183.44
SCHEDULED BALANCE COMPUTATION
PRIOR MONTH BALANCE 106,895,258.91
CURRENT BALANCE 106,123,667.43
ADV PRINCIPAL 13,849.56
DEL PRINCIPAL 42,685.03
POOL SCHEDULED BALANCE 106,094,831.96
PRINCIPAL PAYMENTS IN FULL 477,017.26
PARTIAL PREPAYMENTS 95,417.22
SCHEDULED PRINCIPAL 227,992.47
COLLATERAL BALANCE 106,123,667.43
OVERCOLLATERALIZATION AMOUNT 922,703
REQUIRED OVERCOLLATERALIZATION AMOUNT 4,542,830
</TABLE>
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